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Can Employers Reimburse Employees for Health Insurance

Details: A Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) is a reimbursement option for eligible employers. It has a maximum reimbursement limit of $5,300 (single) or $10,700 (family) in 2021. If you reimburse employees through a QSEHRA, report the amount on the W-2 form in box 12 using code FF.

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Health Insurance Tax Credits Can You Claim the Credits

Details: The Self-employed Health Insurance Tax Deduction lowers your adjusted gross income (AGI) by the amount you pay in health insurance, dental insurance, and qualified long-term care premiums. Include the full amount of the premiums for yourself, your spouse, and any dependents.

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ICHRA: Individual Coverage Health Reimbursement Arrangement

Details: An ICHRA is not considered a traditional group health insurance plan. Instead, employees can select their own health insurance plan either on or off the Health Insurance Marketplace. The Departments of Labor, Health and Human Services, and the Treasury (aka, “The Departments”) released rules and regulations for the Individual Coverage HRA.

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What Is 2% Shareholder Health Insurance

Details: However, S Corp health insurance for 2% shareholder-employees is an exception to the nontaxable health benefit contribution rule. 2% shareholder health insurance. If you provide health insurance to employees who own more than 2% of stock in your S Corp, the premiums are tax deductible for your company.

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What Employers Need to Know About a Qualifying Life Event

Details: A qualifying life event is a change in an individual’s life that makes it possible for them to update health insurance benefits outside of the open enrollment period. When an employee has a qualifying life event, they can update their plans during a special enrollment period, which is generally 60 days after the date of the event.

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Guidelines for Providing Employee Meal and Rest Breaks

Details: Breaks for health issues. An employee might have a health issue that requires frequent breaks. If an employee has a health issue that falls under the Americans with Disabilities Act, you must provide the employee with “reasonable accommodation.” This means you will have to make adjustments to accommodate the employee.

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Bereavement Time Off How to Handle Leave for Your Employees

Details: The Family and Medical Leave Act (FMLA) requires some employers to grant employees up to 12 weeks of unpaid leave each year for specific health and family reasons. While FMLA leave is not a type of bereavement leave, employees might be able to use FMLA leave during times of loss.

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Are Payroll Deductions for Health Insurance Pre-Tax

Details: Generally, health insurance plans that an employer deducts from an employee’s gross pay are pre-tax plans. But, that’s not always the case. While shopping for health benefits plans for your employees, you may consider either pre-tax or post-tax health insurance options. Pre-tax health insurance plans include: Section 125 cafeteria plans.

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Waiting Period Health Insurance, PTO, Unemployment

Details: Health insurance companies may set an additional elimination period before policy holders (i.e., your employees) can make a claim and receive benefits. Of course, there is health insurance without waiting period. If you offer a group health plan …

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Percentage of Health Insurance Employers Pay Costs & More

Details: The 2016 KFF survey looked at annual average employer contributions to health insurance: For single plans, employers paid 82% of premiums ($5,306) For family plans, employers paid 71% of premiums ($12,865) Employees paid the remaining 18% ($1,129) for single plans and 29% ($5,277) for family plans. Small business employees paid a higher average

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Small Business Health Insurance Options QSEHRA, ICHRA

Details: The ICHRA is a health insurance program that began in January 2020. Unlike traditional health insurance plans, employers with an ICHRA do not directly provide plans to employees. Instead, employees select their own health insurance plan, and employers reimburse them for …

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What Is COBRA Health Insurance

Details: The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that requires employers to extend health insurance to employees who become ineligible for the business-provided health plan. You must also offer COBRA health coverage to eligible employees’ dependents and covered spouses.

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Handling the Death of an Employee in Your Small Business

Details: COBRA temporarily provides health insurance coverage to impacted individuals. Update your business to reflect the employee’s death. After addressing the above, remove the deceased from your business’s payroll, website, and phone and email systems. If the employee used a security badge or password to access your business, disable it.

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What Should Be in an Employee File

Details: Benefit information (e.g., health, vision, dental, etc.) Enrollment forms for benefits; Declination forms for benefits; Medical records. The Americans with Disabilities Act (ADA) requires that employee medical records remain separate from other employee records. Keep each employee’s medical records a part from their main file, including:

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Do You Have to Offer Health Insurance

Details: For 2018, penalized ALEs owe $2,320 for each full-time employee employed during the year, minus up to 30 employees. If you offer health insurance during some months and not others, your liability is a portion of the annual penalty. The IRS also penalizes ALEs if they offer health insurance to less than 95% of their full-time employees.

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Connecticut Paid Family Leave Program, Coming in 2021

Details: Employees who need to take leave for a serious health condition during pregnancy may be able to take up to 14 weeks of paid leave. Employees can use paid family and medical leave to: Deal with a serious health condition; Care for a family member with a serious health condition; Bond with a newly born, adopted, or fostered child

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What Is the Employee Retention Credit

Details: This includes qualified health plan expenses associated with said wages. Another factor that determines qualified wages is the number of full-time equivalent (FTE) employees you had in 2019. In 2020, employers with fewer than 100 FTE employees in 2019 could claim the ERC on all wages paid to employees during a qualified period (e.g., shutdown

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QSEHRA Plan: Health Insurance Alternative for Qualifying

Details: A Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) is a tax-free employee benefit. QSEHRAs reimburse employees for individually-obtained health insurance premiums and eligible medical expenses. Employers fund QSEHRAs—up to the contribution limit—and can deduct their reimbursement expenses from their taxes.

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Intermittent Leave Definition, Employer Responsibilities

Details: Serious health conditions include the following: Conditions that require an overnight stay in a medical care facility or hospital Any condition that makes an employee or their family member unable to work or attend school for more than three consecutive days

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What Is Escheatment

Details: What is escheatment? Escheatment is the process of a financial institution handing over unclaimed property to their state. That includes bank accounts, assets, or any other property unclaimed for an extended period of time. And, if a person dies without leaving a beneficiary to their property, it becomes escheated, or claimed by the state.

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Importance of Employee Benefits Increased Focus, Loyalty

Details: Health, dental, and vision insurance (88%) Flexible hours (88%) Vacation time (80%) Work-from-home options (80%) Aren’t benefits expensive? As a small business owner, providing benefits to employees might not seem affordable. You can start by offering low-cost employee benefits. Some benefits are even free to offer, including flextime and

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Excepted Benefits Definition, Details, HRA, and More

Details: An Excepted Benefit HRA is one of two new types of HRAs rolling out in 2020, with the other being the Individual Coverage HRA (ICHRA). Whereas the ICHRA is an alternative to traditional group-term health insurance, the Excepted Benefit HRA is something employers can offer in conjunction with traditional health insurance.

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What Is Open Enrollment

Details: The 2019 open enrollment period for the Health Insurance Marketplace runs from November 1 until December 15. As an employer, you might use this same period for open enrollment at your business or use a different period. Your insurance provider may set the open enrollment time frame.

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What Is Medicare

Details: Medicare is a nationwide health insurance program developed by the the U.S. federal government to provide health care for seniors and disabled citizens. The program is especially designed for seniors over 65 but also younger citizens affected by disabilities. Those under 65 can reap the benefits of Medicare if they are affected by physical disabilities, kidney failure, or Lou Gehrig’s

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What Is Sick Pay

Details: Examples include dealing with a personal serious health condition or caring for someone with a serious health condition. Advantages of offering employees sick leave. Not required to offer employees paid time off when they’re sick? Even so, there are a number of advantages to voluntarily offering the benefit. Pros of sick leave include:

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What Is a Financial Statement

Details: A financial statement is a collection of your business’s financial information. You can form conclusions about your business’s financial health through financial statement analysis and organization. Statements include line-by-line items as well as total amounts of what you’re looking at. There are three main financial statements: income

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The Difference Between Short-term disability and FMLA

Details: Short-term disability benefits. Short-term disability insurance covers leave from work for a temporary disability, such as pregnancy, accidental injuries, and illnesses. STD insurance replaces a portion of the employee’s income, which is a huge benefit for employees. The percentage of income paid depends on the insurance plan.

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HSA vs. FSA What's the Difference

Details: A health savings account is a tax-free fund that qualifying individuals can use to pay for out-of-pocket health care costs. Employees and self-employed individuals alike can open a health savings account … if they meet the requirements. An employee can only have an HSA if they have a high deductible health plan (HDHP).

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Don't Forget About the Small Business Health Care Tax Credit

Details: Your employees are covered through the Small Business Health Options Program (SHOP) Marketplace. Claiming the health care tax credit. You claim the tax credit on your annual income tax return. Send Form 8941, Credit for Small Employer Health Insurance Premiums with your return. You can claim for tax years 2010 through 2012 if you have not already.

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Gross Profit vs. Net Profit Definitions, Formulas

Details: Understand gross profit vs. net profit to make business decisions, create accurate financial statements, and monitor your financial health. Gross profit vs. net profit. Profit is the amount of money your business gains. The difference between gross profit and net profit is when you subtract expenses.

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Four Basic Financial Statements Income Statement, Cash

Details: You can use your financial statements to get a snapshot of your business’s financial health. Not to mention, you can use statements to organize financial information and come up with a game plan for your business’s financial future. Your financial statements list things like your expenses and income as well as transaction totals.

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What Is Time Theft in Small Business

Details: An employee might make a lot of phone calls to deal with personal situations. For example, they might frequently be on the phone to handle bills, children and other family members, schools, babysitters, health care, or more. Employees might also spend a lot of time sending emails or texts.

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What Are Pre-tax Deductions

Details: For example, health savings account deductions have an annual IRS contribution limit that’s exempt from taxes. Pre-tax deductions list So, what deductions are pre-tax? A number of fringe benefits allow pre-tax deductions. Below is a pre-tax deductions list of common employee benefits.

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What Are Fringe Benefits

Details: Fringe benefits are benefits in addition to an employee’s wages, like a company car, health insurance, or life insurance coverage. Any benefit you offer employees in exchange for their services (not including salary) is a fringe benefit. Offer competitive employee benefits to attract job hunters. One study found that employee benefits were

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Paycheck Protection Program Flexibility Act Changes to

Details: The PPP Flexibility Act is the second piece of legislation focused on expanding the PPP, after the PPP and Health Care Enhancement Act. The PPP and Health Care Enhancement Act, which was signed into law on April 24, 2020, added an additional $310 billion in funding to the program.

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Self-employment Tax Deductions Reducing Your Tax Liability

Details: The health insurance deduction applies to the amount you pay for yourself, your spouse, and your dependents. However, you cannot claim a health insurance deduction if you were eligible to participate in your spouse’s health insurance plan. When you file your Form 1040, report your self-employed health insurance deduction on Line 29. 3. Home

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Maternity Leave Policy Definition, Laws, & Tips

Details: Maternity leave is time off that new mothers can use to care for their newborns. Most businesses refer to maternity leave as parental leave. Parental leave allows both mothers and fathers to take time off following the birth or adoption of a child. Maternity leave can be paid or unpaid, depending on state laws and your business’s policy.

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H-1B Worker Program, Eligibility, Application, and How

Details: And, keep your certified LCA in a safe place—you need it to apply with the USCIS. 4. File Form I-129 with the USCIS. Before you can become an H-1B employer, you need to file Form I-129, Petition for a Nonimmigrant Worker, with the USCIS. And, you must pay the filing fee. When you file Form I-129, fill out “Part 2.

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What Is Imputed Income

Details: Employee benefits may also be extended to domestic partners as imputed income (e.g., health insurance). You must report these benefits on Form W-2. Establishing imputed income and child support standards prevents individuals from staying unemployed or working a low-paying job on purpose to lessen child support burdens.

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